Today’s News Synopsis:
A settlement has finally been reached in the recent rob-signing scandal between top mortgage servicers and 40 other states. A recent ruling with MERS was upheld by the 10th Circuit Court of Appeals, allowing them to foreclose on loans that were part of a securitization trust. DS News reported 30-year fixed mortgage rates continue to be at record lows, while at the same time fixed rates and adjustable-rate mortgages showed signs of improvement.
In The News:
Los Angeles Times – “Mortgage giants to pay $26 billion in foreclosure settlement” (2-9-12)
“Federal and state officials on Thursday announced a landmark $26-billion agreement with the nation’s five largest mortgage servicers to settle investigations involving foreclosure abuses and try to stabilize the housing market.”
Mortgage Bankers Association – “MBA Statement on Mortgage Settlement” (2-9-12)
“Said David H. Stevens, President and CEO of MBA, ‘A final agreement can play an important role stabilizing and providing certainty and confidence to the housing and mortgage markets. With all the rumors and speculation surrounding these negotiations behind us, it is now imperative that policymakers, lenders, servicers and other stakeholders work together on policies and initiatives that will allow us to get the housing market on the road to recovery’.”
Realty Times – “Home Equity Use No Longer Home Equity Abuse” (2-9-12)
“Record numbers of refinancing homeowners have stopped using their home equity as an ATM machine for withdrawals and instead are making more deposits.”
Housing Wire – “10th Circuit upholds MERS right to foreclosure” (2-9-12)
“The 10th Circuit Court of Appeals upheld a lower court’s ruling, giving the Mortgage Electronic Registration Systems and a trustee overseeing securitized loans standing to foreclose on a mortgage pooled into a securitization trust.”
CNN Money – “Fewer young adults hold jobs than ever before” (2-9-12)
“The share of young adults with jobs has hit its lowest level since the government started keeping records just after World War II.”
Housing Wire – “Wells Fargo to start $5.3 billion foreclosure settlement relief in March” (2-9-12)
“Wells Fargo ($30.63 0%) will begin implementing the mortgage refinancing requirements under the state and federal foreclosure settlement in March.”
San Francisco Chronicle – “Consumer Comfort Index in U.S. Climbs to Highest Level in a Year” (2-9-12)
“Consumer confidence in the U.S. climbed last week to a one-year high, spurred by improving employment opportunities and a rally in the stock market.”
DS News – “Report: 30-year Fixed Rate Unchanged, Other Rates Climb” (2-9-12)
“While the 30-year fixed rate mortgage remained at a record low, data released Thursday by Freddie Mac reported other rates are steadily moving upward.”
Hard Money Loan Closed
Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $125,000 on a 2 bedroom, 1 bathroom home appraised for $209,000.
The Norris Group posted a new event. The Norris Group will be holding their monthly REO Boot Camp, February 14, 2012.
Bruce Norris of The Norris Group will be at the 2012 Kick Off Brunch on February 18, 2012.
The MBA reported mortgage applications decreased 5.5% the previous week. Zillow claimed national home prices dropped 2.6% during the 4th quarter of 2010. Bernanke and Geithner said the economy was still having trouble, but had strong hope for stable growth.
For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.
Tags: 10th Circuit Court of Appeals, Bank of America, bruce norris, Citigroup, consumer confidence, David Stevens, freddie mac, home equity, HUD, JPMorgan Chase, MERS, Mortgage Electronic Registration Systems, mortgage rate, mortgage servicers, robo-signing, securitization, the norris group, Tom Miller, U.S. Justice Department, Wells Fargo